Fidelity has updated its S-1 filing for a spot Ethereum ETF, as per documents submitted to the U.S. Securities and Exchange Commission (SEC) on Friday.
The asset management firm is the first to amend its S-1 Registration Statement with the SEC, signaling the start of what ETF analysts predict could be a busy period for firms seeking approval to list spot Ether ETFs.
Fidelity’s recent filing disclosed a $4.7 million seed investment for its ETF, with affiliate FMR Capital purchasing 125,000 shares to seed the fund’s basket. According to the filing, FMR acquired the 125,000 shares at $38 per share, and the proceeds were used to purchase 1,250 Ether.
While the filing detailed the seed capital for the Ether spot ETF, it did not include information on fees. Eric Balchunas, a senior ETF analyst at Bloomberg, suggests that issuers may be in a “waiting” game as they monitor what others will offer.
“Fidelity kicking off the S-1-athon. No fee included yet though (Franklin is the only one with a fee so far at 19bps). Bitwise didn’t include one either. Everyone likely waiting until the last minute and/or on BlackRock to disclose to see what they need to orbit around,” he posted on X.
In January, ahead of the SEC’s approval of spot Bitcoin ETFs, issuers aimed to gain an edge by revealing very low fees. Grayscale, which set its fee at 1.5%, has since seen massive outflows from its GBTC spot Bitcoin ETF.
